Software provider's new chief executive has vowed to bring the company to profitability within 18 months.

Phillip Walter, who succeeds Jim McGuiness, said: "I have an aggressive expansion strategy over the next 18 to 24 months. We have done the work developing stable relationships, now we are entering the sales and marketing phase.

We will reach the break-even cross-over in 18 months."

He denied the company was at risk of losing shareholder backing despite not having made a profit since its launch in 1999. "We will continue to be well-funded. Our shareholders are playing a long-game."

Walters also denied speculation that would be sold to a rival. "We don't see that at this juncture. We are building long-term prospects, not just glossing up for a trade sale."

He said he wanted to achieve a 5% to10% growth in the number of 'seats' using software per month. "We will be producing new products in commercial and personal lines, new enhancements and new support strategies."

The company currently has 5,300 seats, or individual users.

"Becoming the number one software house in the UK is achievable. We have a good reputation and a lot of the right ingredients. Now is the time to drive that home," said Walter.